It’s been quite a year, and most people would agree that it’s time to bring on Christmas and 2021.
And we are close. It’s a relief to see that in Australia, we seem to have the pandemic situation under control, whereas the UK and US are still grappling with how to contain it. Our financial recovery will be long and slow, as evidenced with the NSW budget this week, which estimates it will be 5 years before we are back in black.
For advisers, it’s also been a long, hard road – from the Royal Commission and taking exams to working with clients who have been hard hit by a pandemic. I have heard from many advisers that they are working long hours and there is no end to that in sight.
With that in mind, I thought it timely to remind advisers to set aside time to work on their own business. When I started No More Practice over 10 years ago, the idea was to show practice owners positioning their businesses for sale. Today, it’s not so much about selling as it is reshaping and creating a new, leaner business model of advice that can serve clients, stay compliant and still make money.
With this in mind, it’s time to think about your own business moving forward into 2021, including;
- Your cost to serve. Can you look at this critically and make adjustments or new ways of doing things? For example, reducing premises is an easy one. But how about paraplanning? EA services? Can they be outsourced? I’m not telling you to do people out of a job; rather, look to redirect resources to where your business can be most effective while increasing profits via reducing overheads.
- Look at your cost to acquire new clients. Yes, there are awards for people using social media, and we all know it pays to have a profile. But have you really investigated ways to bring down your lead and conversion cost with technology? Can you use existing social media platforms like Instagram more effective to create a community around you, which over time can become clients?
- The ability to harness old relationships in a new way. Old school relationships like event sponsors now have to prove they are educating, not entertaining. Can you take old insurance and fund manager relationships and turn them into positive win-wins for both of you? Host a function together online? Provide an interesting thought piece for potential clients? The more laterally you think, the better. Partners will welcome this opportunity if done right.
There are many challenges ahead for us all. Just don’t forget to put yourself and your business success at the heart of your mission – otherwise you won’t be able to help everyone else.
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